SCHEDULE OF FEES AND CHARGES - Crèdit Andorrà
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Fees and charges
Version 69
SCHEDULE OF FEES AND CHARGES
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Table of contents
1. GENERAL CONDITIONS
1.1. Scope of application Page 4
1.2. General rules Page 4
1.3. Charges Page 4
1.4. Other charges Page 4
1.5. Taxes Page 4
2. INVESTMENT FEES
2.1. Purchase and sale of equities and bonds. Coupons and dividends Page 5
2.2. Purchase and sale of Andorran-based UCITS from Crèdit Andorrà Page 5
2.3. Purchase and sale of foreign-based UCITS from Crèdit Andorrà Page 6
2.4. Structured products Page 6
2.5. Purchase and sale of external UCITS Page 6
2.6. Purchase and sale of venture-capital funds Page 7
2.7. Fees arising from transactions in derivatives Page 7
2.8. Stock exchange taxes and duties Page 8
2.9. Fees arising from orders returned or not completed Page 8
2.10. Fees arising from transactions in ETFs Page 8
3. LOAN AND OVERDRAFT FEES
3.1. Calculating fees Page 9
3.2. Loans and credit lines Page 9
3.2.1. Interest on current account overdraft Page 9
3.2.2. Credit limit overruns and default interest/unpaid instalments Page 9
3.2.3. Loan application and arrangement fees Page 10
3.2.4. Early repayment fee Page 10
3.2.5. Unpaid loan commission Page 10
3.2.6. Granted credit commission Page 10
3.2.7. Overdraft fee and credit limit exceeded Page 10
3.2.8. Availability fee for the average unused balance on a credit account Page 11
3.2.9. Mortgage redemption fee – notarial redemption Page 11
3.3. Guarantees Page 11
3.4. Import and export documentary credits Page 12
4. INTEREST RATE FOR LIABILITY ACCOUNTS
4.1. Reference interest rate Page 13
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5. NEGOTIATION FEES
5.1. Discounting bills of exchange and e-portfolio Page 14
5.2. Direct Debit payments Page 14
5.3. Negotiating conditional bills Page 15
5.4. Negotiating conditional cheques Page 15
5.5. Foreign exchange fees Page 16
5.6. Cheques Page 16
5.7. Transfers Page 17
5.8. Payment of cheques/promissory notes Page 17
5.9. Certificates of deposit – Penalty for early cancellation Page 17
6. SERVICES FEES
6.1. Holders of Crèdit Andorrà credit and debit cards Page 18
6.2. Payment card charges applied to retail stores Page 19
6.2.1. Fees applicable to retail stores with physical or virtual transactions Page 19
6.2.2. Fees applicable to retail stores with virtual transactions from digital platforms Page 19
6.3. Wealth management Page 20
6.4. Investment advisory service Page 21
6.5. Management and administration of accounts Page 22
6.6. Rental of safe deposit boxes Page 22
7. OTHER SERVICES FEES
7. Other services fees Page 23
8. TERMS & CONDITIONS FOR GOVERNMENT BODIES
8.1. Liabilities Page 24
8.2. Assets Page 24
8.3. Negotiating bills Page 24
8.4. Services Page 24
8.5. Comuns, Quarts and all organisations and/or entities in which the Comú has a majority holding Page 25
9. LIST OF GOVERNMENT BODIES
9.1. Public bodies Page 26
9.2. Other organisations and entities Page 26
10. INTERBANK CHARGES
10.1. Interbank interest Page 27
10.2. Hedging and valuations between Andorran banks Page 27
11. VALUATION LIMITS
11.1. Valuation limits for charges Page 28
11.2. Valuation limits for payments Page 30
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1. GENERAL CONDITIONS
1.1. Scope of application
The fees and charges set out in this Schedule are generally applicable to all Crèdit Andorrà customers, be they
corporate or individual.
1.2. General rules
Crèdit Andorrà reserves the right to amend the fees and charges set out in this Schedule. The Autoritat
Financera Andorrana will be notified of any changes made to the fees and charges under applicable legislation.
The fees and charges set out in this document are maximum rates.
The Schedule of Fees and Charges published in Catalan is the official version notified to the AFA. For this
reason, any doubts or errors of interpretation arising from the translation of this document into other languages
will be resolved in accordance with the text of the Schedule of Fees and Charges in Catalan.
1.3. Charges
The customer is responsible for paying all charges due for correspondence, telegrams, telephone, fax, stamps,
SWIFT and any other charges derived from the payment of fees as specified in this Schedule.
1.4. Other charges
Any charges arising from the intervention of a notary public, the completion of notarial deeds and any properly
documented external costs, including those derived from correspondent banks, will be fully charged to the
customer.
1.5. Tax
Every account holder is responsible for paying all present and future taxes that may arise from the fees charged
by Crèdit Andorrà.
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2. INVESTMENT FEES
2.1. Purchase and sale of equities and bonds. Coupons and dividends
Correspon-
Item Fee Minimum Minimum
dent charges
Purchase and sale of equities 1.25% €20.00 0.35% €30.00
Purchase and sale of bonds* 0.70% €20.00
* Fixed correspondent charge
Custody charges for holding equities 0.80% €15.00
of €15.00 per transaction.
Custody charges for holding bonds 0.70% €15.00
Custody charges for holding mixed assets 0.80% €15.00
Coupons and dividends 2.50% €5.80
Redemption 0.50% €15.00
Transfer of securities to other institutions 0.60% €103.50
Cancellation of orders €18 -
Capital increase/reduction in the nominal 2.50% €5.80
amount of securities
Purchase and sale of commodities 1.60%
Fungible physical instruments 3.00% of the €103.50
actual amount
Custody fees will be charged every six months. Fees shown as a percentage are expressed as annual rates.
2.2. Purchase and sale of Andorran-based UCITS1 from Crèdit Andorrà
Entry fee Redemption fee Custodian fee
Cash - - -
Bonds 0.50% 0.50% 0.80% (minimum €15.00)
Mixed assets 0.50% 0.50% 0.80% (minimum €15.00)
Equities 0.50% 1.00% 0.80% (minimum €15.00)
Alternative investments 0.50% 0.50% 0.80% (minimum €15.00)
1 Undertakingfor collective investment in transferable securities, formerly known as “investment fund”.
Custody fees will be charged every six months. Fees shown as a percentage are expressed as annual rates.
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2.3. Purchase and sale of foreign-based UCITS from Crèdit Andorrà
Entry fee Redemption fee Custodian fee
Cash - - -
Bonds 0.50% 0.50% 0.80% (minimum €15.00)
Mixed assets 0.50% 0.50% 0.80% (minimum €15.00)
Equities 0.50% 1.00% 0.80% (minimum €15.00)
Alternative investments 0.50% 0.50% 0.80% (minimum €15.00)
Custody fees will be charged every six months. Fees shown as a percentage are expressed as annual rates.
2.4. Structured products
Correspondent
Item Fee Minimum Minimum
charges
Equity structured product 1.25% €20.00 0.35% €30.00
Fixed-income structured product 0.70% €20.00
Custody charges for equity structured
0.80% €15.00
products
Custody charges for fixed-income
0.80% €15.00
structured products
Custody fees will be charged every six months. Fees shown as a percentage are expressed as annual rates.
2.5. Purchase and sale of external UCITS
Purchase and sale of Purchase / Custodian fee
external UCITS sale fee Minimum Correspondent (minimum €15)
Cash 0.50% €20.00 Fixed fee of €15 per transaction 1.00%
Bonds 1.00% €20.00 Fixed fee of €15 per transaction 1.00%
Equities 1.50% €20.00 Fixed fee of €15 per transaction 1.00%
Mixed 1.50% €20.00 Fixed fee of €15 per transaction 1.00%
Alternative management 1.50% €20.00 Fixed fee of €15 per transaction 1.00%
Custody fees will be charged every six months. Fees shown as a percentage are expressed as annual rates.
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2.6. Purchase and sale of venture-capital funds
Purchase Sale Custodian fee
Fee Minimum Correspondent Fee Minimum Correspondent 0.80%
3.00% €20.00 - 3.00% €20.00 - minimum €15
Custody fees will be charged every six months. Fees shown as a percentage are expressed as annual rates.
2.7. Fees arising from transactions in derivatives
Fee charged per CONTRACT:
Correspondent
Code Stock exchange name Fee
charges
AEX EURONEXT AMSTERDAM OPTIONS EUR 12,50 7,0
CBO CHICAGO BOARD OPTIONS EXCHANGE USD 8,75 5,0
CBT CHICAGO BOARD OF TRADE USD 8,75 10,0
CME CHICAGO MERCANTILE EXCHANGE USD 12,50 5,0
CMX COMMODITY EXCHANGE USD 12,50 10,0
ERX ERX – FUTUROS INDEX | OPCIONES ALEMANAS (CHF) CHF 12,50 5,0
ERX FUTUROS INDEX | OPCIONES ALEMANAS (MULT. 100) EUR 12,50 3,0
ERX FUTUROS INDEX | OPCIONES ALEMANAS (EUR) EUR 10,00 3,0
FNX FINEX - FINANCIAL INSTRUMENTS (JPY) JPY 8750,00 5000,0
FNX FINEX (NYBOT) - FINANCIAL INSTRUMENTS (USD) USD 12,50 10,0
HKG HONG KONG FUTURES EXCHANGE HKD 375,00 150,0
ICE INTERCONTINENTAL EXCHANGE USD 12,50 5,0
LIF LIFFE - LONDON INTM.FIN.FUTURES EXCHANGE (LIF| EUR) EUR 4,38 5,0
LIF LIFFE - LONDON INTM.FIN.FUTURES EXCHANGE (GBP) GBP 8,38 3,0
LME LONDON METAL EXCHANGE USD 12,50 10,0
MEV MERCADO ESPAÑOL FUTUROS RV EUR 4,38 3,0
MIL MIL - MERCATO CONTINUO ITALIANO EUR 12,50 7,0
MIL MIL – MERCATO DEI DERIVATI EUR 10,00 3,0
MNP EURONEXT MONEP (CAC40) EUR 10,00 3,0
MNP EURONEXT MONEP EUR 7,50 3,0
NYM NY NYMEX STOCK EXCHANGE USD 12,00 10,0
OSE OSAKA STOCK EXCHANGE JPY 8750,00 5000,0
PHL PHILADELPHIA STOCK EXCHANGE USD 12,00 5,0
SGX SGX DERIV. COMPOSITE TRADING (SIN) USD 12,00 7,5
TSE TOKYO STOCK EXCHANGE (TYO) JPY 8750,00 6000,0
Fee charged for OTC derivatives. The execution price includes an implicit fee of 0.02%.
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2.8. Stock exchange taxes and duties
These are charged on the gross amount of purchases and sales made on the London, Hong Kong, US, Irish,
Greek or France Stock Exchange.
Duty
Stock Exchange Purchase Sale
London* 0.50% -
Hong Kong 0.108% 0.108%
US - 0.000018%
Ireland** 1.00% -
Greece 0.06% 0.21%
France 0.30% 0.30%
* If purchase > GBP 10,000.00, tax of GBP 1.00
** If purchase > EUR 12,500.00, tax of EUR 1.25
2.9. Fees arising from orders returned or not completed
• Fixed amount of €18.00
• This fee is charged on the return date for limited orders that expire without being executed or at the
end of each month if the term of validity of the order is more than one month.
2.10. Fees arising from transactions in ETFs
Purchase and sale of fixed-income ETFs* Fee Minimum Correspondent Minimum Custody
0.70% €15.00 0.10% €30.00 1.00%
Purchase and sale of equity ETFs* Fee Minimum Correspondent Minimum Custody
1.25% €15.00 0.15% €30.00 1.00%
Custody fees will be charged every six months. Fees shown as a percentage are expressed as annual rates.
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3. LOAN AND OVERDRAFT FEES
3.1. Calculating fees
Sight accounts and credit accounts:
• Commission on the approved/granted limit: regardless of the previous account balance, a quarterly
commission is applied to the approved limit.
• Fixed overdraft commission - Paragraph 3.2.7: this is applied whenever there is an overdraft
(negative balance) in the account.
• Overdraft (or exceeded credit limit) commission - Paragraph 3.2.7: this is applied to the average
negative balance in the period if the overdraft lasts for fewer than 5 days. If the overdraft lasts for a
period equal to or longer than 5 days, the commission will be applied to the maximum balance of the
overdraft during this period.
• Availability commission on the average undrawn balance of the credit limit during the quarter -
Paragraph 3.2.8: this is applied to the daily average undrawn balance in each natural quarter.
Loans:
• The commission is applied linearly.
3.2. Loans and credit lines
3.2.1. Interest on current account overdraft
For overdrafts, the following fixed interest rates are applied to each currency. Annual interest rates with
quarterly settlements.
Item/currency EUR CHF CAD USD GBP JPY DKK NOK SEK AUD
Interest rate (%) 25.27 25.27 25.96 25.61 25.35 25.32 25.31 25.80 25.30 25.43
3.2.2. Credit limit overruns and default interest/unpaid instalments
For credit policy overruns and default interest/unpaid instalments for loans taken out in a contract with Crèdit
Andorrà, the following fixed interest rates are applied to each currency. Annual interest rates with quarterly
settlements.
Item/currency EUR CHF CAD USD GBP JPY DKK NOK SEK AUD
Interest rate (%) 13.77 13.77 14.46 14.11 13.85 13.82 13.81 14.30 13.80 13.93
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3.2.3. Loan application and arrangement fees
Product Fee Minimum amount
Loans / Credit lines 1.50% €60.00
3.2.4. Early repayment fee
Product Repayment of mortgages in Andorra Repayment of mortgages outside Andorra
Fixed interest 3% or Market cost of closure* 3% or Market cost of closure*
Variable interest 2% (subject to a minimum of €150.00) 2% (subject to a minimum of €250.00)
* Applicable upon request. Calculations are made using the difference between the present value of cash flows
discounted at the market interest rate compared to the initial interest rate based on the residual maturity of the
mortgage.
3.2.5. Unpaid loan commission
Product Fee
Unpaid loan instalment €31.00 per loan instalment
3.2.6. Granded credit commission
Product Fee
Quarterly fee 1.10%
3.2.7. Overdraft fee and credit limit exceeded
Product Fee Minimum
Overdraft fee (fixed amount for each overdraft) 20,00 € --
Overdraft beyond the authorised limit (monthly fee) 1,10% 6,00 €
Credit limit exceeded (quaterly fee) 1,10% 3,00 €
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3.2.8. Availability fee for the average unused balance on a credit account
Product Fee
Quarterly fee 0.25%
This charge has been in effect since 1 October 2009.
3.2.9. Mortgage redemption fee – notarial redemption
Product Fee
Mortgage - notarial redemption €150
3.3. Guarantees
There are two types of guarantee fees:
• A fixed arrangement fees. which is charged at the time of opening the guarantee.
• A risk fees. which is charged regularly at the start of each period.
The fees charged depend on the type of guarantee provided:
Arrangement Settlement Minimum
Product Risk fee
fee fee risk fee
Pre-guarantees €33.60 Quarterly 0.504% €25.00
Technical guarantees: consumer tax payment -- Quarterly 0.168% €25.00
Other technical guarantees: €33.60 - -- --
Economic guarantees: business €33.60 Quarterly 0.504% €25.00
Economic guarantees: finance €33.60 Quarterly 0.504% €25.00
Economic guarantees: award of contracts or
€33.60 Quarterly 0.504% €25.00
services
Economic guarantees: payment cards €16.80 Annual 1.232% €15.00
Economic guarantees: cards/deferred payment
Community transit guarantees -- Quarterly 0.28% €25.00
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3.4. Import and export documentary credits
Import credits Fee on the amount of credit Minimum
Opening the credit 0.70% €77.63
Using the credit (without notice) 0.25% €25.88
Long-term use 0.20% per month in addition to the 0.20% fee specified above.
Changes – higher amount 0.70% on the added amount €51.75
Other changes €51.75
SWIFT charges for opening the Europe.
€103.50
credit and changes to the credit US and Asia
Spain €35.00
Europe €50.00
Dispatch via courier
US €73.00
Asia and other countries €109.00
Product
0.70%
Arrangement fee
Minimum: €77.63 per credit
Irrevocable revolving 0.25%
Revolving documentary credits
documentary credits Minimum: €25.00
0.20%
Fee for using the credit Minimum: €25.00
0.20% for long-term use
Export credits Fee on the amount of credit Minimum
Arrangement or usage fee 1.5% €77.63
Change - €50.00
Transfer fee 0.25% €25.00
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4. INTEREST RATE FOR LIABILITY ACCOUNTS
4.1. Reference interest rate
Description EUR CHF CAD USD GBP JPY DKK NOK SEK AUD
Demand deposit account 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Savings account 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
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5. NEGOTIATION FEES
5.1. Discounting bills of exchange and e-portfolio
Letters of credit issued in
Deposited and accepted Deposited and not accepted Other
Andorra and time letters
Up to 30 days 0.50% 0.60% 0.60%
Up to 60 days 0.75% 0.85% 0.85%
Up to 90 days 1.00% 1.10% 1.10%
Quarterly rate 1.00% 1.10% 1.10%
Minimum fee €3 €3 €3
International letters of credit Accepted Not accepted
1.20% per quarter (from Day 1). 1.20% per quarter (from Day 1).
subject to a minimum of €5. subject to a minimum of €5.
Rate (as a Minimum Maximum
Return charges
percentage) Minimum abroad Maximum abroad
0.40% €9 - - -
HANDLING FEE FOR ALL TYPES OF PHYSICAL DOCUMENT
FIXED FEE €1.15 + terms of collection
5.2. Direct Debit payments
• A fixed fee of €1.55 applies per physical payment.
• A fixed fee of €1.04 applies per electronic payment.
• The return fee is 0.25% (subject to a minimum of €4.51).
HANDLING FEE FOR ALL TYPES OF PHYSICAL DOCUMENT
FIXED FEE €1.15 + terms of collection
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5.3. Negotiating conditional bills
Item Fee Minimum Maximum
From Crèdit Andorrà Negotiation 1.10% €5 €210
customers. charged to
customers residing in Andorra Return 1.10% €9 €210
From correspondents. charged Negotiation 0.50% €15 -
to Crèdit Andorrà customers on
Return 0.75% €15 -
a conditional basis
Acceptance charges €20.00
Charges for making the bill
€8
payable at another bank
Charges for failing to make the
€39
bill payable at a bank
From correspondents. charged Negotiation 0.35% €9 -
to Crèdit Andorrà customers on
a firm basis Return 0.75% €15 -
Conditional order Item Fee Minimum Maximum
From Crèdit Andorrà clients. Negotiation 1.20% €15 €210
charged to correspondents
Return 1.20% €15 €210
Firm order Item Minimum
From Crèdit Andorrà clients. Negotiation fee per bill €25
charged to correspondents Return fee per bill €25
HANDLING FEE FOR ALL TYPES OF PHYSICAL DOCUMENT
FIXED FEE €1.15 + terms of collection
5.4. Negotiating conditional cheques
Fee Minimum Maximum
Negotiating certified and personal cheques from
0.50% €20 €150
abroad (collection process)
Returned cheques 0.50% €20 €150
Negotiating certified and personal cheques from
0.50% €10 €100
Andorra (collection process)
Returned cheques 0.50% €10 €100
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5.5. Foreign exchange fees
Item
Foreign exchange fee for tourists 0.50%; minimum: €10.35
Foreign exchange fee for customers 0.30%
5.6. Cheques
Issue of certified cheques
Payers residing in the Principality of Andorra Fee Minimum
Certified cheques 0.25% €28
Postage €13.44
International payers Fee Minimum
Certified cheques 0.50% €28
Postage €13.44
Personal cheques
Fee
Cheque returned from Andorra €25 per cheque
Paying in cheques from outside Andorra €5 per cheque
Cash payment commission €10 per cheque
Cheque returned from abroad €50 per cheque
Paying in travellers cheques €3 per cheque
Selling travellers cheques 1.00%
Request for cheque and promissory note invoices €1.50 per cheque/promissory note
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5.7. Transfers
Payments abroad
Rate (as a percentage) Minimum fee Postage or SWIFT charges
€28.00
0.65% €25.00
without IBAN €43.00
Within the Principality of Andorra
Rate (as a percentage) Minimum fee
0.10% €10.00
• We charge 0.50% (minimum €15.00) for international payments received.
• We charge up to €30.00 for international payments received by beneficiaries of other Andorran banks.
• We charge €18.00 to the person making the payment from abroad if the charges are payable by the
instructing party and the beneficiary is the customer of an Andorran bank.
• SWIFT payment/changes or postage charges: a flat charge of €35.00 applies.
5.8. Payment of cheques/promissory notes
» €0.30 per promissory note
» €0.30 per cheque
5.9. Certificates of deposit – Penalty for early cancellation
When a certificate of deposit is cancelled early, the market interest rate on the cancellation date may be higher
or lower than the rate in effect when the account was opened:
• If the interest rate is below market, there is no penalty for early cancellation.
• If the interest rate is higher, an early cancellation penalty applies. The penalty is a percentage (% of the
face value of the CD) which is calculated on the time remaining between the cancellation and the initial
maturity date and the difference between the market interest rate on the cancellation date and the rate in
effect when the account was opened.
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6. SERVICES FEES
6.1. Holders of Crèdit Andorrà credit and debit cards
• Cash withdrawals from Crèdit Andorrà cash machines and from other domestic banks:
• On credit: 3% (subject to a minimum of €2.75)
• On debit: €0.00
• Cash withdrawals from foreign banks cash machines:
• 4.00% (subject to a minimum of €5.00).
• Credit/debit card insurance:
Cards Charge
Carnet Jove 16PUNT30 €0
Carnet Jove Andorra membership fee Annual €6
ACA Master €0
MAESTRO €30
MASTERCARD €45
VISA Electron €30
VISA Classic €45
VISA Unicef €45 (+€30 donation)
VISA Premier €60
VISA Platinum €145
VISA Infinite €250
Card insurance will be charged annually for a full 1-year period (from the time it comes into effect).
• Via T:
• A single service registration fee of €30.00 applies for the purchase of the transmitting device. This
must be renewed every 5 years.
• An annual maintenance fee of €20.00 applies.
• Duplicate card: €10.00
• Debit cards for temporary accounts: €40.00
• Card 24h: €6.00
• Express card request: €6.00
If the cards must be sent outside the Principality of Andorra. The minimum charge is €30.00 per card. If the cost
of recorded delivery exceeds this minimum charge. The relevant surcharge will apply.
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6.2. Payment card charges applied to retail stores
6.2.1 Fees applicable to retail stores with physical or virtual transactions.
Domestic cards
Cards Minimum
Domestic* 0.50%
* No fees will apply for transactions below €30.
International cards
All card brands except for Diners Club Minimum
Travel agencies 2.00%
Hotels 2.50%
Petrol stations 2.50%
Excursions. transport 3.00%
Other 3.92%
Manual credit card invoices (no POS terminal):
Manual payments/refunds on credit cards: €1.15 per invoice
6.2.2. Fees applicable to retail stores with virtual transactions from digital
platforms.
Cards Fee
Nationals and internationals €0.24 + 3,92%
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6.3. Wealth management
Discretionary management – investment funds
Standard approach
Profile / portfolio type Annual management fee Success fee
Defensive profile 0.25% 25%
Conservative profile 0.35% 25%
Moderate profile 0.40% 20%
Balanced profile 0.50% 20%
Active profile 0.75% 15%
Aggressive profile 0.85% 15%
Dynamic approach
Profile / portfolio type Annual management fee Success fee
Defensive profile 0.50% -
Conservative profile 0.65% -
Moderate profile 0.80% -
Balanced profile 1.00% -
Active profile 1.00% -
Aggressive profile 1.00% -
Discretionary management – stocks
Standard approach
Profile / portfolio type Annual management fee Success fee
Defensive profile 0.25% 25%
Conservative profile 0.35% 25%
Moderate profile 0.40% 20%
Balanced profile 0.50% 20%
Active profile 0.60% 15%
Aggressive profile 0.75% 15%
Dynamic approach with no success fee
Profile / portfolio type Annual management fee Success fee
Defensive profile 0.50% -
Conservative profile 0.65% -
Moderate profile 0.80% -
Balanced profile 1.00% -
Active profile 1.00% -
Aggressive profile 1.00% -
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Dynamic approach with fees for the purchase and sale of discounted securities and a success fee
Profile / portfolio type Annual management fee Success fee
Defensive profile 1.00% 25%
Aggressive profile 2.00% 15%
Defensive profile 1.25% -
Aggressive profile 2.25% -
Fee for the administration of a securities portfolio
Securities portfolio Annual administration fee
Fee for the administration of a securities portfolio 2.50%*
* Customers eligible for the purchase and sale of discounted securities.
Discretionary management – securities & funds
Portfolio Profiles Annual management fee Success fee
Income (fixed income) 100/0 0.50% 0%
Active (fixed income) 100/0 0.35% 25%
Active (equities) 0/100 1.00% 15%
Dividend (equities) 0/100 1.00% 15%
• The success fee applies when the portfolio outperforms the benchmark index. The fee is calculated on the
basis of the difference between the portfolio and the index value.
• No minimum or maximum charges apply.
• The fee is charged at the end of each calendar quarter based on the average assets for the period.
6.4. Investment advisory service
Fee % annual observations
Maximum The fee is charged at the end of each calendar quarter based on the
Advisory
3,00% average assets advised for the period.
The success fee applies when the portfolio outperforms the benchmark
Maximum
Success fee index. The fee is calculated on the basis of the difference between the
25,00%
portfolio and the index value. This fee is paid annually.
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6.5. Management and administration of accounts
Item Amount charged
Account maintenance fee €20.00 (quarterly)
Non-resident account maintenance fee €60.00 (biannually)
Non-resident private banking account maintenance fee €130.00 (paid annually)
Foreign investment account maintenance fee €250.00 (biannually)
Foreign investment account opening dossier fee €250.00 (single payment)
Temporary account maintenance fee €40.00 (single payment per season)
Account cancellation fee €1,000.00
Inoperative/inactive account fee €2,500.00 (biannually)
Personal banking account administration (num.) €2,500.00 (paid annually)
€5,000.00 (paid quarterly) for clients with
balances up to €100,000.00
Personal banking administrative management (num.) *
€2,500.00 (paid quarterly) for clients with
balances higher than €100,000.00
* If the balance is below €25,000.00, paid annually
6.6. Rental of safe deposit boxes
The rental of safe deposit boxes is paid in advance each year from the date of rental.
The amount payable depends on the size of the box. There are five types of safety deposit box as listed below:
Size (in cm) Capacity
Box type Annual rental
(breadth × depth × height) (in litres)
A 32 × 50 × 10 16.00 €3,800.00
B 32 × 50 × 16 25.60 €4,600.00
C 32 × 50 × 22 35.20 €5,400.00
D 32 × 50 × 65 104.00 €6,200.00
E 65 × 50 × 65 211.25 €7,000.00
Rental includes insurance cover of €6,010.12.
The cost of forcing open a safe deposit box is €450 plus the notary expenses.
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7. OTHER SERVICES FEES
Cash handling fee 1.50% on cash amount
(applicable in Andorra) Minimum: €8.00
Duplicate Direct Debit payment or bill** €0.20
For the current or previous
Account statements** €0.60
year
Account statements** For earlier years €6.00 (per page)
Other documents** €2.07 (per page)
Charge for drawing up a will €300.00
€75.00 (standard audit) /
Customer report audits €120.00 (Non-standard
audit)
Excluding certificates €20.00 (per standard
Bank certificates** requested for social certificate) / €50.00 (per
purposes non-standard certificate
Tax certificates €120.00
Accountants travelling outside Andorra* To La Seu d’Urgell €250.00
Accountants travelling outside Andorra* Other destinations €350.00
Fee for depositing company securities with bearer
€200.00 (annual)
shares
Individuals
Postage €2.00 (monthly)
Charged quarterly
Businesses
Postage €3.00 (monthly)
Charged quarterly
Management of correspondence sent abroad €120.00
Management and safekeeping of mail for
€85.00
customers
Mail box at the Branch Office €85.00
Management and safekeeping of mail for personal
€120.00
banking accounts
*This fee relates to the notarial deeds to be signed by a Crèdit Andorrà representative before a Spanish notary
public for both Crèdit Andorrà customers and Andorra residents.
** Requests for these services for social purposes are excluded.
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8. TERMS & CONDITIONS FOR GOVERNMENT BODIES
8.1. Liabilities
Demand deposit accounts
Euro: Interest rate for 1 YEAR MATURITY (Section 4).
Other currencies: Interest rate for 1 YEAR MATURITY (Section 4).
Fixed-term deposits
INAF: Euribor minus 0.10%.
Other government bodies: Benchmark INAF rate minus 0.25% (Euribor less 0.35%).
8.2. Assets
Account overdrafts 5 points above the interest rate for loans and credit lines (Section 3).
Late payment interest and over- Libor or Euribor plus 0.875%.
limit fee on credit lines
Late payment interest and over- 5 points above the interest rate earned on average interest-earning
limit fee on documentary credit assets applied to the documented transaction.
Application and arrangement fee 0.55%. Minimum 36.25 EUR.
8.3. Negotiating bills
Without a magnetic medium 0.30% of the total remittance of bills. Minimum 0.35 EUR per bill.
With a magnetic medium 0.30 EUR per bill.
Return fee 0.30 EUR per bill.
Return fee without a magnetic 0.35 EUR per bill.
medium
Bills will be credited to the account within 8 calendar days of receiving the remittance letter.
8.4. Services
Issuing bank cheques and FIXED FEE OF 6 EUROS (except for INAF. in its capacity as
transfers abroad supervisory body. in accordance with the agreement reached at the
General Managers’ meeting on 21/10/04).
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8.5. Comuns. Quarts and all organisations and/or entities in which the
Comú has a majority holding (minimum 51%)
Liabilities / Demand deposit
accounts
Euro: 1-month deposit (*) minus 0.50%.
(*) Fixed-term deposits published on the 25th or the previous business
day. This will apply to all sums carried forward that month.
Other currencies: Interest rate for 1 YEAR MATURITY (Section 4).
Assets / Documented loans Euribor plus 2.00% (applied since 1/01/2011)
Assets / Documented credit Euribor plus 3.00% (applied since 1/01/2013)
For loans / Late cancellation 1%
NOTE:
All credit lines granted to the COMUNS must be supported by: * COMÚ AGREEMENT
* CREDIT AGREEMENT
* LOAN
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9. LIST OF GOVERNMENT BODIES
List of companies (in alphabetic order) that should be considered as government bodies for the purposes
of bank fees charged to customers.
9.1. Government bodies
• GENERAL COUNCIL
• COMUNS
• GOVERNMENT
• QUARTS
9.2. Other organisations and entities
• EMBASSIES
• CAIXA ANDORRANA DE SEGURETAT SOCIAL (ANDORRAN SOCIAL SECURITY OFFICE OR CASS)
• HIGHER COUNCIL OF JUSTICE
• CONSULATES
• OFFICIAL FOREIGN OFFICES DULY AUTHORISED IN ANDORRA
• SCHOOLS
• SPORT FEDERATIONS
• FONS ANDORRÀ DE GARANTIA D'AUTOMÒBILS (ANDORRAN AUTOMOBILE GUARANTEE FUND OR
FAGA)
• FORCES ELÈCTRIQUES D'ANDORRA (ANDORRAN ELECTRICITY COMPANY OR FEDA)
• NOSTRA SENYORA DE MERITXELL HOSPITAL
• INSTITUCIÓ DEL RAONADOR DEL CIUTADÀ (ANDORRA’S OMBUDSMAN)
• INSTITUT NACIONAL ANDORRÀ DE FINANCES (ANDORRAN NATIONAL FINANCE INSTITUTE OR
INAF)
• WATER MUTUAL SOCIETIES
• ELECTRICITY MUTUAL SOCIETIES
• CO-PRINCES’ REPRESENTATIVES
• SEGURISER
• SERVEI ANDORRÀ D’ATENCIÓ SANITÀRIA (ANDORRAN HEALTHCARE SERVICE OR SAAS)
• SERVEI DE TELECOMUNICACIONS D'ANDORRA (ANDORRAN TELECOM COMPANY)
• TRIBUNALS/COURT OF FIRST INSTANCE (BATLLIES)/PROSECUTOR’S OFFICE
• REVENUE COURT
• UNIONS PRO-TURISME
• UNITAT DE PREVENCIÓ DEL BLANQUEIG (MONEY LAUNDERING PREVENTION UNIT OR UPB)
• UNIVERSITY OF ANDORRA
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10. INTERBANK CHARGES
10.1. Interbank interest
Interbank accounts are considered as mutual accounts.
Interest will be reciprocal for both creditor and debtor balances and will be based on the last business day of
each month in which the interbank interest rate is published (“1 month market rate”). The interest rate will apply
for the entire period.
10.2. Hedging and valuations between Andorran banks
The hedging of balances in any currency will be performed by means of interbank SWIFT transfers.
Transfers from abroad in favour of customers of other Andorran banks will be credited on the day following
receipt (value date) by both the Clearing House and the mutual account. provided that the time of receipt allows
to do so.
The value date for the hedging of telegraphic or SWIFT transfers will be two business days from the date on
which the transfer is completed.
If a bank initiates a transfer on a mutual account basis in favour of a client of another bank with deferred
valuation. the receiving bank may charge the issuing bank for the interest obtained by applying the interest
spread between the mutual account interest rate and the interbank market interest rate.
The valuation date to be applied to cheque payments to the client’s account will be the business day following
the clearing date.
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11. VALUATION LIMITS
11.1. Valuation limits for charges
Transaction type Valuation date
Cheques.
• Paid in over the counter or through in-house • On the date of payment.
clearing at the drawee branch or other branch
offices.
• On the date of payment. For this purpose. the paying
• Paid in full by Andorran entities. branch will affix its stamp to record the date of payment.
Should this requirement not be fulfilled. the cheque will
be charged on the business day preceding that of the
clearing house.
• Accepted for collection. • On the date on which the cheque is debited from the
drawee account.
Cash withdrawals. On the date of payment.
Transfer orders. orders for payment and On the date on which the order is placed(1).
similar.
Bills returned.
• Bills discounted. • On the date of maturity.
• Cheques returned. • On the value date given when crediting the cheques to
the account.
Periodic bills previously authorised for
debiting by the debtor.
• At the debtor’s expense. • On the debit date.
• Returned to the assignor. • Value date applied on payment.
Purchase of currencies. 2 business days depending on currency.
Purchase of securities. Value date of the correspondent bank.
Credit card derivatives and similar. As per card conditions.
Other trades. See note (2).
(1) The order date for transfers ordered by mail will be the date on which the order is received by the entity.
(2) For all other transactions not expressly specified in this document, charges will be valued on the date on which the entry is made;
payments received will be valued on the business day following the date on which the entry is recorded.
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Transaction type Valuation date
Direct Debit bills and promissory notes. Bills and promissory notes submitted for collection
will be debited from the client’s account on the DATE
OF MATURITY. or if they have been submitted late.
on the DATE OF SUBMISSION.
For bills drawn on demand. the date of submission is
deemed to be three business days after the date of
entry of the bill.
For bills drawn on a day’s sight basis. maturity upon
submission date will be as many days after the date
of entry as the number of days sight.
As an exception to the above rule. bills and
promissory notes accepted on a conditional basis will
be charged to the account with the same value date
as the charge. provided that such value date is later
than the maturity date.
This rule must be followed by all banks both for bills
and promissory notes held by the bank and for bills
and promissory notes received through the Clearing
House. In order to apply the correct valuation when
charging conditional bills and promissory notes. all
banks should take the steps necessary to ensure that
such bills and promissory notes are easily identifiable
on first sight. whether they come from Andorran
clients or from foreign correspondents.
The application of this rule will not entail any change
in the valuation to be applied to charges and
payments on mutual accounts between banks as a
result of the transactions completed by the Clearing
House.
Saturdays will be considered as business days or public holidays depending on the type of transaction. If the
completion of the transaction is postponed due to reasons beyond the entity’s control (stock exchange
transactions. Clearing House. etc.). it will be deemed to be a public holiday. In all other cases in which the
transaction can be completed during the day. it will be considered as a business day.
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11.2. Payment valuation limits
Transaction type Valuation date
Cash payment orders.
• In EUROS. • Business day following delivery.
• Other currencies. • Value date is 20 calendar days.
Payment orders through cheques. etc.
• At the entity’s expense. • Value date on the following business day.
• At the expense of other Andorran banks. • Value date on the following business day (Note b).
• At the expense of other foreign entities. • 12 calendar days.
Bank transfers. payment orders and similar.
• From the entity itself. • Value date on the following business day.
• From other Andorran entities. • Value date on the business day following that of the
clearing house or value applied by the correspondent
bank.
• From other entities outside Andorra. • Date of receipt plus 2 business days.
Discounting of bills.
• Bills not yet due. • Business day following the date on which interest starts
to be calculated. The maturity date of the bill will not be
included in the calculation of interest.
• Overdue bills. • 4 business days following the date of payment.
Submission of periodic bills previously Next business day.
authorised for debiting by the debtor.
Sale of currencies. 2 business days depending on currency.
Sale of securities and export remittances. Value date of the correspondent bank.
Payment of dividends. interest and amortised Value date of the correspondent bank.
securities. deposited securities.
Payment of POS terminal store invoices. 2 business days.
Other transactions. See Note (a).
a) For all other transactions not expressly specified in this document. charges will be valued on the date on
which the entry is made; payments received will be valued on the business day following the date on which the
entry is recorded.
b) Saturdays will be considered as business days or public holidays depending on the type of transaction. If the
completion of the transaction is postponed due to reasons beyond the entity’s control (stock exchange
transactions. Clearing House. etc.). it will be deemed to be a public holiday. In all other cases in which the
transaction can be completed during the day. it will be considered as a business day.
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